Q2 In 2025, China's exports rose 6.1 percent, newly established foreign-invested enterprises increased by 19.1 percent, and research and development intensity reached 2.8 percent of GDP. Against the backdrop of global supply chain reconfiguration, is China's role in your global strategy expanding? How do you evaluate China's integrated advantages — manufacturing depth, innovation capacity, infrastructure and market scale — in supporting your production networks and supply resilience? Does China function primarily as a market, a production base, an innovation hub, or increasingly all three within your corporate architecture?

Michael Doogue: China's role in Allegro's global strategy has evolved significantly. What began as a high-growth end market has become a core pillar of our global operational resilience and long-term value creation. China's integrated advantages — its manufacturing depth, rapidly advancing innovation capacity, world-class infrastructure, and unparalleled market scale — are fundamental to strengthening our global production network and supply chain resilience. Within Allegro's global architecture, China today serves all three roles — our most dynamic market, a vital manufacturing hub, and an increasingly important center for co-innovation.